近年来，伴随人工智能技术的高速发展，AI正持续为各行各业赋能，驱动产业升级与创新发展。 近日，医学AI解决方案龙头上海万怡医学科技股份有限公司（简称：万怡医学）向港交所主板递交招 股书，保荐人为光大证券国际。 值得一提的是，万怡医学曾于2016年在新三板挂牌，后基于公司长远发展规划及融资需求考量，于2021 年7月申请摘牌，摘牌于2021年9月生效。 从新三板摘牌到冲击港交所主板，万怡医学的资本化之路迎来关键节点，而这家致力于以AI技术赋能 医学学术、教育及研究领域的企业，其头顶"行业第一"光环背后，暗藏着多重发展隐忧。 市场第一的光环，含金量存疑 与大多数医疗企业将AI技术落地于医疗健康领域，通过辅助优化临床决策、加速药物研发等方式赋能 人类医疗能力不同，万怡医学独辟蹊径，将AI技术与医学知识及实践经验深度融合，聚焦医学人才全 职业周期发展的核心需求，为医疗人才成长持续赋能。 医生从医学院校教育、规范化培训、临床执业到继续教育与研究创新的全职业发展历程中，普遍面临着 多重痛点与需求，包括知识获取瓶颈与医学文献及临床指南爆炸式增长之间的冲突，缺乏系统化研究辅 助工具，教育资源分布不均等。 立足这一行业痛点与市 ...

Core Viewpoint - Wan Yi Medical has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading AI-driven solution provider in the medical academic and educational sector in China [1][2]. Company Overview - Wan Yi Medical, established in March 2016, was listed on the New Third Board and later delisted in September 2021. The company focuses on AI-driven solutions to enhance physician development [1]. - The company ranks first in the comprehensive AI solution market for medical academia, education, and research in China, according to Frost & Sullivan [1]. Financial Performance - In 2024, the company reported revenues of approximately RMB 271 million and a net profit of RMB 30 million, with a gross margin of 35.7% [1][4]. - For the first nine months of 2025, revenues reached RMB 191 million, with a net profit of RMB 37 million, marking a year-on-year increase of 100% and a gross margin of 42.27% [1][4]. - The revenue growth from 2024 to 2025 was 7.21%, while the net profit increased by 108.47% during the same period [4]. Product Offerings - The company provides two main AI-driven revenue solutions: 1. A full-process solution for medical academic activities delivered through the MedEvent platform, facilitating workflow coordination and academic exchange among physicians [2]. 2. Digital solutions for medical learning and education, featuring interactive learning suites tailored to physicians' specialties and development goals via the MedAssistant system [2]. Market Position - The market for medical academic, education, and research solutions in China is projected to grow from RMB 668 billion in 2019 to RMB 976 billion in 2024, with a compound annual growth rate (CAGR) of 7.9% [7]. - The AI-driven comprehensive solutions market in this sector is expected to expand from RMB 9 billion in 2019 to RMB 57 billion in 2024, with a CAGR of 45.2% [8]. Competitive Landscape - The market for medical academic and educational solutions in China is highly fragmented, with most companies generating less than RMB 100 million in annual revenue. Wan Yi Medical has established a significant competitive advantage over its peers [9]. - The company leads in key market performance metrics such as revenue, project count, and registered user numbers among AI solution providers in the medical field [12][14]. Management and Governance - The board of directors consists of eight members, including five executive directors and three independent non-executive directors, with a focus on overseeing business strategy and operations [17][18]. - The major shareholder, Ms. Ju Yue, holds a direct stake of 55.25% and controls an additional 15.64% through employee incentive platforms, totaling 72.60% [18].